Chennai, Mar 1 (PTI) Public sector Indian Overseas Bank has signed a memorandum of understanding with the Confederation of Indian Industry - Indian Green Building Council, to provide accessible and affordable financing solutions for developers and home buyers, a top official said.

As per the collaboration, Indian Overseas Bank would offer preferential financing options to developers engaged in construction of IGBC-rated green buildings. The bank would also provide tailored financial support to home buyers purchasing residential units in the IGBC - certified projects.

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At an event recently, Indian Overseas Bank's General Manager and CRO Koustuv Majumder exchanged documents with CII Indian Green Building Council, Executive Director K S Venkatagiri in the presence of IGBC Chennai chapter Co-Chairman Mahesh Anand and Indian Overseas Bank Executive Directors Joydeep Dutta Roy and Dhanaraj T, a press release said on Saturday.

"This partnership with IGBC is a significant step toward ensuring that green buildings are not just an aspiration but a viable and affordable reality. By providing attractive financial solutions for sustainable projects, we aim to encourage developers and homeowners to choose eco-friendly construction, thereby contributing to a greener and healthier India," the bank's MD and CEO Ajay Kumar Srivastava said.

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With green buildings being a key solution to combat environmental degradation and rising energy consumption, this collaboration would help create a positive change by encouraging widespread adoption of sustainable construction practices.

"With IOB's financing support, we are making green buildings not only environmentally viable but also financially accessible to a larger section of the population. This collaboration is a big leap in our mission to create an energy-efficient and resource conserving built environment," CII IGBC Executive Director K S Venkatagiri said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)